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Rural Loan Policy


Purpose :


  • For purchase/construction/repair and up-gradation of housing units in rural areas.
  • “Rural area” for the purpose of the scheme is the area comprised in any village including the area comprised in any town, the population of which does not exceed 50,000 (as per the 1991 census).
 

Eligibility :

Individual falling under weaker section category as defined in RBI guidelines. Weaker section means and includes :

  • Small and marginal farmers with land holding of 5 acres and less, and landless labourers, tenant farmers and share croppers;
  • Women
  • All individuals eligible for loans under SWARNJAYANTI GRAM SWAROZGAR YOJANA (SGSY) and Differential Rate of Interest (DRI) i.e. classified as BPL or marginally above the poverty line
  • Scheduled Castes, Scheduled Tribes &
  • Persons from minority communities as may be notified by Government of India from time to time. In States, where one of the minority communities notified is, in fact, in majority, item (e) will cover only other notified minorities. These States/Union Territories are Jammu & Kashmir, Punjab, Sikkim, Mizoram, Nagaland and Lakshadweep.

    Or
  • Any person with annual income of not more than Rs.2.00 lacs.
 

Quantum of Loan :


  • Maximum Loan Rs.15 lakh (Maximum loan for extension, repairs and renovation of house is Rs.5 lakh.)
  • Actual loan amount will be determined after taking into factors such as repayment capacity, age, stability and continuance of income, number of dependents, co applicant’s income, assets/liabilities etc.
 

Urban Loan Policy :

Purpose: For purchase/construction/repairs/renovation and up- gradation of housing units/housing loans as classified in the credit policy, in urban areas. "Urban area" for the purpose of the scheme would be as defined in the Census 2011.

Eligibility:

• Location of Property: The dwelling unit in respect of which the individual housing loan has been extended should be located in an urban area. The urban areas would be as defined in the Census

• 2011.

• Date of Disbursement: The loans in respect of which refinance is sought under this scheme should have been disbursed on or after 01-04-2013.

• Loan Size:The individual loan size should not exceed Rs.10 lacs.

• Dwelling Unit: The carpet area of the dwelling unit in respect of which the individual housing loan is extended should not exceed 60m2 OR the cost of dwelling unit should not exceed Rs.16 lacs.

• Beneficiaries: The house hold income should not exceed Rs.4 lacs per annum.

• Clarification: It is clarified that under the Urban Housing Fund, the criteria with respect to size/cost of dwelling units is applicable only in respect of new units. The said criteria is not applicable in case of loans for repairs/renovation and up-gradation of existing dwelling units.

Quantum of Loan:

• Maximum Loan Rs.10 lacs (Maximum loan for extension, repairs and renovation of house is Rs.5 lakh.)

• Actual loan amount will be determined after taking into factors such as repayment capacity, age, stability and continuance of income, number of dependents, co- applicant's income, assets/liabilities etc.

Rate of Interest:

8.87%* fixed for 10 years and then Floating Prevailing at that point of time.


(* Terms and Conditions Apply)
 

To know the list of documents required for loan approvals


 

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